Ch. 10 Business Simulation Flashcards

1
Q

The combination of internal and external factors that are designed to influence outcomes including suppliers, competitors, technology, and management

A

Business environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

An abstract analytical rendering of reality that is used as an educational tool for teaching business; often referred as business simulation

A

Business game

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Describes what the organization expects to accomplish over a specific period of time; examples include increase profit margin, reduce waste, and improve customer service

A

Business goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Describes the process for achieving the organization’s goals

A

Business model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A formal statement of the organization’s strategy to achieve its goals

A

Business plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Describes future situations that could impact organization performance including both external opportunities and threats

A

Business scenario

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A long-term plan of action designed to achieve the specific business goals, e.g., acquisition of a product line

A

Business strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Determining activities to be undertaken and achieved in a specified time scale

A

Goal setting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

New ideas or improvements in product, service, and or process that can enhance the business model

A

Innovation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The process of identifying, assessing, and controlling threats to the organization including financial uncertainty, legal liabilities, strategic management errors, and natural disasters

A

Risk management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly